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Thomas Judge
Thomas Judge, Lawyer
Category: Law
Satisfied Customers: 32978
Experience:  Over 25 years experience in law
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I have a small personal pension plan that was set up

Resolved Question:

Hi,
I have a small personal pension plan that was set up with Scottish Equitable (Now Aegon) that I thankfully have not paid into since 1989.
However. I have noticed by my yearly statements from Aegon, that the fund has gone from £280 (Original start balance) down to £95.
I found out today, that they charge a fee for running this account of 1% + £14.84 admin charges.
After speaking to them today, I have found out this was set up by Ward Consultancy, who appear to have gone bust.! and Aegon say it is not there responsibility to inform customers that the plan is not working.?
I assumed, naively that the falling yearly figure would bounce back, closer to my retirement age.
I feel I have been terribly misled in all of this, and wondered what, "If anything" can be done.?
Not to have made any money over a 26 year period is scandalous.
Look forward to any help you can give me.
Kevin XXXXXXXXXX
Submitted: 1 year ago.
Category: Law
Expert:  Thomas Judge replied 1 year ago.
I am surprised that you were not advised that this was occurring and clearly this is something that you should have been advised of. You would need to formally complain to them (in writing) about this and their failings. You should also make a formal complaint to the https://www.pensions-ombudsman.org.ukThey can investigate and take up your complaint. They can also award compensation. I hope that this helps and best of luck. Please rate positive
Customer: replied 1 year ago.
Thank you Thomas. Aegon say they are not responsible. Can you "In your opinion" let me know if I have a case against them Can you be a little more specific, on what I can actually say to them.
I will contact the ombudsman, but they often side with these companies.
Expert:  Thomas Judge replied 1 year ago.
They do not side with the companies as often as you might think. It seems that you have a case on the basis that you were not informed that you policy was diminishing in this fashion and as such it may well have been missold to you. I hope this helps. Please rate positive
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